NOMURA ON PAYTM ; BUY | TP ₹2,250

• Nomura sees Paytm benefiting from India’s expanding digital payments ecosystem. • Business appears to be moving from regulatory shock toward a structural rebound. • Core payments and merchant lending are expected to drive revenue growth. • AI, scale benefits and disciplined marketing could create a leaner indirect cost base. • Next growth levers include UPI MDR, international expansion and AI-led monetisation.

ONE 97 COMMUNICATIONS LTD

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